"So much so, that it is probably more appropriate to look at two concepts to measure the national economy - Australia, and Australia less Western Australia."

While Victoria was placed in the middle ranking of economies alongside ACT, Queensland and the Northern Territory, Commsec suggested that its position could slip due to the impact of a softer job market.

If you live outside of Western Australia and are finding that money is tight at the moment, than it could be worth taking the time to assess your current utility bills.

By ensuring you are with the right electricity and gas supplier for your needs, you can cut down on monthly expenditure, something which is especially important if you consider the way prices of gas and electricity have gone up in recent months.